Cayman Islands strengthens Anti-Money Laundering measures with 2024 Amendment Regulations
29 Apr 2024
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On 19 April 2024, the Cayman Islands government published the Anti-Money Laundering (Amendment) Regulations, 2024. Those regulations aim to improve measures to combat money laundering, terrorist financing, and proliferation financing.
The key amendments are:
- Definition Updates: Definitions within the regulations have been revised to include references to proliferation financing and to clarify the responsibilities of competent authorities.
- Risk Assessment: Requirements for identifying, assessing, and understanding money laundering, terrorist financing, and proliferation financing risks have been detailed, including documentation, risk factor consideration, and implementation of appropriate policies and controls.
- Customer Due Diligence: Amendments to the enhanced customer due diligence measures to manage and mitigate identified risks, including measures specific to proliferation financing.
- Record-Keeping and Reporting: Requirements for maintaining records, reporting suspicious activities, and sharing information with competent authorities have been updated to include proliferation financing considerations.
- Supervisory Authorities: Designation and duties of Supervisory Authorities for designated non-financial businesses and professions (DNFBPs) have been clarified and expanded.
- Enforcement and Penalties: Penalties for non-compliance, including administrative fines, have been revised and expanded to include individuals and entities involved in contraventions.
The Anti-Money Laundering (Amendment) Regulations, 2024 can be found here.
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